| ABI

February 25, 2025

In Stalking Horse Sales, Courts Have Flexibility to Reopen Bidding After the Deadline

The debtor’s duty to land the best price for an asset can overcome the winning bidder’s expectation that sale procedures will be enforced rigorously.

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Opinion Link

View Opinion

https://abi-opinions.s3.us-east-1.amazonaws.com/Parkcliffe.pdf

Case Details

Case Citation

In re Parkcliffe Development LLC, 24-30814 (Bankr. N.D. Ohio Jan. 28, 2025).

Case Name

In re Parkcliffe Development LLC

Case Type

Business

Court

6th Circuit

Ohio

Ohio Northern District

Bankruptcy Tags

Asset Sales

Business Reorganization

Comments

Submitted by Thomas Salerno on February 25, 2025

Bill Among Arizona Judges this is often referred to as the "Bill Gates Rule"--i.e. regardless of whatever sales procedures have been approved, should a hypothetical Bill Gates walk into the courtroom at the sale approval with a suitcase full of cash, the Court will consider that bid even if not done in conformity with the sales procedures. While not great for the stalking horse and others that followed the sales procedures, ultimately the goal is to maximize value, so a very results oriented approach.